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Verastem Inc., a biotech focused on treating cancer by targeting cancer stem cells, has raised $32 million in a Series B funding round, the company announced today.
The funding was led by Advanced Technology Ventures and Astellas Venture Management, with participation from return backers Longwood Founders Fund, Bessemer Venture Partners, Cardinal Partners and MPM Capital.
Cambridge-based Verastem said it plans to use the $32 million to support research and clinical development of its drug candidates.
The company raised $16 million in a Series A financing round in November 2010.
Founders of Verastem include NeoGenesis Pharmaceuticals co-founder and CEO Satish Jindal, Eric Lander from the Cambridge-based Broad Institute, and Piyush Gupta and Robert Weinberg from the Whitehead Institute, also in Cambridge. Also among the founders are Michelle Dipp, Rich Aldrich and Christoph Westphal, who launched Longwood Founders Fund in February 2010.
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